Paladin Energy Posts US$177.7M Revenue, 3Mlb Uranium Output, and US$44.6M Loss in 2025

Operational Milestone at Langer Heinrich Mine

Paladin Energy Ltd’s 2025 Annual Report chronicles a transformational year, highlighted by the successful ramp-up of production at the Langer Heinrich Mine (LHM) in Namibia. After restarting commercial operations in March 2024, the mine produced 3.0 million pounds of uranium oxide (U3O8) during the fiscal year, with the final quarter delivering the highest quarterly output since the restart. This progress reflects the Namibian team’s growing operational expertise and the implementation of a blending strategy combining newly mined ore with historic stockpiles to optimise plant performance.

Strategic Expansion via Fission Acquisition

December 2024 marked a strategic inflection point with Paladin’s acquisition of Fission Uranium Corp., a Canadian company holding the high-grade Patterson Lake South (PLS) Project in Saskatchewan’s Athabasca Basin. This acquisition not only diversifies Paladin’s geographic footprint but also secures a cornerstone development asset with significant exploration upside. The deal was supported by the Canadian Government, which granted Paladin an exemption from the Non-Resident Ownership Policy, allowing full control over the PLS Project. The integration of Fission’s assets and teams under the Paladin Canada brand is underway, with ongoing drilling campaigns and environmental permitting progressing.

Financial Performance and Market Position

Despite the operational achievements, Paladin reported a net loss of US$44.6 million for FY2025, primarily attributable to ramp-up costs at LHM and a US$12 million impairment on inventory reflecting a decline in net realisable value. Revenue from uranium sales reached US$177.7 million, generated from 2.7 million pounds sold at an average realised price of US$65.68 per pound. The company’s contract portfolio remains robust, with 13 agreements in place securing 24.1 million pounds of uranium through to 2030, underpinning financial resilience amid a structurally tight global uranium market driven by expanding nuclear energy demand.

Leadership Transition and Governance Enhancements

In a significant leadership development, Paladin announced the appointment of Paul Hemburrow as Managing Director and CEO effective 1 September 2025, succeeding Ian Purdy who will transition to an advisory role through December 2025. Hemburrow, previously Chief Operating Officer, has been instrumental in the LHM restart and brings over 30 years of operational experience. The Board also strengthened its governance with the addition of two independent Non-Executive Directors, Anne Templeman-Jones and Michele Buchignani, enhancing oversight in risk management and strategy, particularly in the Canadian context.

Sustainability and Community Engagement

Paladin continues to embed sustainability at the core of its operations, achieving a Total Recordable Injury Frequency Rate of 2.7 per million hours worked, exceeding safety targets. The company has implemented structured community investment programs in Namibia and Canada, including signing Mutual Benefits Agreements with Indigenous Nations in Canada, reflecting a commitment to respectful and mutually beneficial relationships. Environmental stewardship remains a priority, with no serious incidents reported and ongoing compliance with international safeguards.

Outlook Amid Market Dynamics

Paladin’s strategic positioning as a globally significant uranium producer is timely, as nuclear energy gains prominence in global decarbonisation and energy security agendas. The company’s diversified asset base, growing production profile, and strong contract book position it well to capitalize on anticipated uranium supply deficits. However, the FY2025 results underscore operational risks inherent in ramp-up phases and the importance of continued execution discipline as Paladin advances its growth pipeline.